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Delivering First World Trust: Blockchain Technology

Blockchain will deliver on its promise only when architects find a way to approve solutions in which private customer data is distributed to blockchain nodes outside the enterprise firewall.

Blockchain is being used to support crypto-currencies, but is also starting to expand to be used by governments and corporations.

Blockchain is mostly an overhyped buzzword used as a pretext to sell consulting services to naive mid-caps. Real Blockchain technology will eventually transform finance, but needs a few more years yet.

Blockchain has the potential for a tsunami of disruption for the finance sector; and with a lot of justification. It is the underlying technology for business transactions and has dramatically shifted the way we define, track and manage transactions.

There’s a “third generation” blockchain technology just announced a couple weeks ago built into your browser, so anyone, even your grandma, can mine, send, or save the Nimiq tokens/coins. Before now, in order to do this, you had to be a serious hacker to be able to get it set up.

Blockchain has the potential to radically improve supply chains – making them more autonomous. We’re still in the early stages of this transformation, and it requires a fundamental shift from the ERP centric data models that have predominated over the last 2 decades.

The future of Blockchain Technology has never been brighter as it enters its next growth phase towards adoption with increasing pilot programs by world renowned educational institutions and government backed scientific research departments such as Australia’s Data 61.

At its core, Blockchain is a decentralized database that keeps a record of transactions; however, it has the potential to make first world trust available in third world countries.

Blockchain’s automation makes paper trails redundant, exponentially decreasing lost documents or delayed payments. Organisations can achieve a true competitive advantage with blockchain (and its accompanying applications and digital technologies).